Covid-19 Affecting Global Countertop Demand
CLEVELAND — Global demand for countertops, slowed by the current COVID-19 crisis is forecast to rise 2.6% per year to 602 million m² in 2024, according to a new research study by the Freedonia Group.
Global Countertops indicates that, in the near-term, the COVID-19 pandemic is expected to reduce demand for higher-end countertop materials, as global economic output declines and production for materials such as engineered stone is disrupted.
However, demand is expected to recover, with long-term market advances driven by:
• rising income levels, resulting in increasing demand for cabinets and countertop products in developing markets;
• a rapidly expanding nonresidential construction sector in the Asia/Pacific region, supporting demand for countertops in buildings where usage of these products is high, such as hotels, schools, universities, and hospitals; and
• rising installations of countertops in both residential and nonresidential applications, as countertops are selected over freestanding or wall-mounted fixtures in kitchens and bathrooms .
In addition, the market in value terms will be supported by increased spending in developed countries for remodeling projects, with consumers upgrading to higher-value surfaces.
The 341-page study notes that, despite market maturity in Western Europe and the United States, opportunities exist, as these are large markets with affluent consumers that use high-end materials.
In the United States, kitchens are the center of the living space due to trends toward open-concept homes, and consumers are more-willing to spend significant amounts to remodel kitchens compared to other rooms. The majority of countertops are sold to the remodeling markets in these areas because they have large, highly developed housing stocks and access to home improvement loans.
Solid surface is expected to remain the most popular material for countertops due to its frequent use in the Asia/Pacific region. Significant manufacturing capacity in China, Japan, and South Korea make solid surface both easily accessible and reasonably priced for regional consumers.
Engineered stone will continue to expand its share of the countertop market, where it competes with both higher and lower value materials. Its appearance, durability, and ease-of-maintenance makes it an alternative to other high-value materials such as granite, marble, and natural stone.
In developed countries such as the United States and Canada, aesthetic preferences are leading to the increasing installation of high-value countertops in kitchens and bathrooms, allowing engineered stone to also compete with lower-cost materials such as laminate.
Developing countries with strong building construction activity and relatively low countertop usage rates will see the fastest growth in demand going forward. Among the countries that will post the fastest advances are Brazil, India, Mexico, and Thailand.
China, the world’s largest countertop market, will account for 17% of all market gains in absolute terms through 2024.
Global Countertops is available now as a full PDF edition at $6,400 for individuals and $9,000 for corporate licenses. The study will be available for purchase next month on a section-by-section basis.
